Soybeans Close Higher Monday
DES MOINES, Iowa -- On Monday, the CME Group’s soybean market has reversed higher, due to ongoing demand for the oilseed.
At the close, the September corn futures settled 1¢ lower at $3.33¼; December futures ended 1¼¢ lower at $3.42 per bushel.
September soybean futures closed 8¼¢ higher at $10.35¼, and November soybean futures closed 11¼¢ higher at $10.15¾.
September wheat futures closed 11¾¢ lower at $4.15¼.
September soy meal futures finished $4.20 short ton higher at $334.20. September soy oil futures closed $0.25 lower at 33.89¢ per pound.
In the outside markets, the Brent crude oil market is $1.49 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 34 points lower.
With Monday’s sale, in 14 out of 15 days, the U.S. has made fresh soybean sales.
Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for soybeans began September 1.
Deanna Hawthorne-Lahre, StatFutures cofounder and grain trader, says the bean story is clear, while the corn trade is undecided on direction.
“Basically, another soybean tender turned that market higher,” she says. “But wheat got pounded as the Russian crop is whispered to be 72.0 to 73.0 million metric tons in size. Corn traders are on hold as a crop tour got under way today. No surprises yet,” Hawthorne-Lahre says.